Industry
Western Financial Group announced Monday that Jeff Burke has stepped down as president and chief executive officer, effective immediately. Burke was appointed president in September, 2013. He was previously president and CEO of Western Financial Group’s network of insurance brokerages in British Columbia, Alberta, Saskatchewan and Manitoba. High River, Alta.-based Western is owned by Desjardins […]
By Canadian Underwriter | February 23, 2015
2 min read
Size is key in Canada’s property and casualty insurance space and will likely become even more important as customer service expectations increase, Sylvie Paquette, senior vice president and general manager of p&c insurance at Desjardins Group, suggested at a recent company event in downtown Toronto. Acquisition is the most likely way to achieve the size […]
5 min read
The Senate recently tabled Bill C-22, the Energy Safety and Security Act, for third reading, with one Liberal senator vowing to vote against it because it would result in rate increases for nuclear liability insurance. “Right now, the annual insurance costs for Énergie NB Power are around $65,000,” Liberal Senator Pierrette Ringuette said Feb. 19. […]
3 min read
Allstate Corporation’s Esurance unit is expanding into Canada, announcing on Monday that it is offering auto insurance online directly to consumers in Alberta. “Our research indicates there is an underserved segment of the Canadian market that prefers a self-directed experience,” said Jonathan Adkisson, president and COO of Esurance Canada in a press release. Esurance president […]
DHAKA, Bangladesh – The death toll from a weekend ferry disaster in central Bangladesh rose to 70 on Monday, as divers finished their search after the vessel was lifted to the surface and towed to shore. A local government administrator, Rasheda Ferdousi, said the area of the river around the accident site was still being […]
DUBAI, United Arab Emirates – One of the world’s tallest residential towers caught fire early Saturday in Dubai’s Marina district, sending hundreds of residents pouring into the streets as bright yellow flames raged several stories high. No one was reported killed. The fire broke out at about 2 a.m. in the 86-story Torch tower on […]
By Canadian Underwriter | February 21, 2015
4 min read
TOKYO – Honda Motor Co. will continue to reduce output from one of its Canadian plants and one of its American plants from Feb. 24 through March 2, due to a disruption in parts shipments caused by a labour dispute at ports along the U.S. West Coast. The Japanese automaker had previously cut production at […]
By The Canadian Press | February 20, 2015
1 min read
Canadian railways moving dangerous goods will have new minimum insurance requirements if a bill tabled Friday is passed into law. Transport Minister Lisa Raitt introduced Friday the Safe and Accountable Rail Act in the House of Commons. “The Canadian Transportation Agency (CTA) will assign legislated minimum levels of insurance to railways based on the type […]
By Canadian Underwriter | February 20, 2015
Economical Insurance reported Thursday an underwriting loss of $38.4 million in 2014, while the combined ratio deteriorated by 2 points to 102.1% and gross written premiums increased by 2.3% from 2013. “While weather-related catastrophe losses of $46.7 million are down from record levels of $103.4 million in 2013, this has been more than offset by […]
Co-operators General Insurance Company said Thursday it experienced “fewer large losses” in 2014 than in 2013, with a combined ratio including market yield adjustment improving to 100.2% in 2014, from 103.2% in 2013. Guelph, Ont.-based Co-operators General – which is owned by The Co-operators Group Ltd. – released Thursday its financial results for 2014. In […]
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